Netherlands-based bancassurance group ING Group has confirmed that it is currently in exclusive negotiation with Morgan Stanley Private Equity Asia, for the possible acquisition of a controlling stake in Landmark Investment Management, a South Korean asset management firm.
The two parties are discussing the proposed sale of Morgan Stanley’s 87.6% stake in the Korean finance firm to ING.
With KRW9 trillion in assets under management, Landmark is the 12th largest asset manager in Korea.
ING has stated that it expects to make a further announcement on the matter by June 30, 2007.